企业数字化转型与控制权相机配置  

Enterprise Digital Transformation and Control Contingent Allocation

作　　者：马连福[1,2] 宋婧楠 王博 MA Lian-fu;SONG Jing-nan;WANG Bo(School of Business,Nankai University,Tianjin,300071,China;China Academy of Corporate Governance,Nankai University,Tianjin,300071,China)

机构地区：[1]南开大学商学院,天津300071 [2]南开大学中国公司治理研究院,天津300071

出　　处：《经济管理》2022年第11期46-66,共21页Business and Management Journal ( BMJ )

基　　金：国家自然科学基金面上项目“数字化时代背景下控制权配置与公司价值研究”(72172063);国家自然科学基金项目“股东网络特征与投资决策权配置研究”(71772094)。

摘　　要：数字化时代的快速到来,数字化转型成为企业获取并保持竞争优势的首选。企业数字化转型会使财务资本稀缺性大幅下降,智力资本逐渐成为关键性生产要素,公司控制权随之发生位移。以上根据环境变化进行适应性控制权配置动态调整、体现控制权状态依存特征、改变既定利益格局的过程为控制权相机配置。本文采用2006—2020年A股上市公司样本,实证检验了企业数字化转型对控制权相机配置的影响。研究结果显示,企业数字化转型后,财务资本自愿将公司控制权让渡给智力资本,实现了控制权相机配置。在非国有企业、非高科技企业和股权集中企业中,该现象更加明显。从智力资本和财务资本角度分析发现,智力资本缺少创始人权威、所有权水平较低时,企业数字化转型更能推动控制权相机配置;上述动态调整过程既使得财务资本减少了大股东机会主义行为,又保障了财务资本的收益权。此外,在企业数字化转型情境下,控制权在财务资本和智力资本间的相机配置能够产生“治理溢价”,继而促进技术创新、提升企业市场价值。本文对企业数字化转型的治理效应进行了深入探讨,为识别数字化时代背景下控制权配置的特殊性和明确财务资本与智力资本的依存关系提供了经验数据和相关启示。Due to the rapid arrival of the digital era, digital transformation has become the first choice for enterprises to obtain and maintain their competitive position.Enterprise digital transformation has a profound impact on corporate governance paradigm and enterprise authority attribution.Financial capital reduces scarcity and intellectual capital has gradually become a key factor of production, resulting in corporate control shifting accordingly.In addition, the capital market gradually improves the tolerance of differentiated control right allocation rules, which provides a new context to observe the control right contingent allocation in the digital era.It is called control contingent allocation if control allocation has an adaptively dynamic adjustment, showing the state dependence of control rights and changing the pattern of established interests.Using A sample of A-share listed companies from 2006 to 2020,from the perspective of corporate governance, this paper empirically examines the impact of enterprise digital transformation on control contingent allocation.The results show that financial capital voluntarily transfers corporate control to intellectual capital after enterprise digital transformation, realizing control contingent allocation.This phenomenon is more obvious in non-state-owned enterprises, non-high-tech enterprises and equity concentrated enterprises.From the perspective of intellectual capital and financial capital, it is found that when intellectual capital lacks founder authority and ownership level is low, digital transformation can promote the control contingent allocation more.The above dynamic adjustment process not only makes financial capital reduce the tunnel behavior, but also protects the earning right of financial capital.In addition, in the context of enterprise digital transformation, the control contingent allocation between financial capital and intellectual capital can promote technological innovation and enhance enterprise market value.This paper makes an in-depth discussio

关 键 词：数字化转型 控制权相机配置 智力资本 财务资本 公司治理 

分 类 号：F272[经济管理—企业管理]